ADA Token Surges 5.62% as Whale Accumulation and New Holders Drive Market Momentum

Cardano (ADAUSDT) has risen by 5.62% in the past 24 hours, currently trading at $0.6220 on Binance, with a 24-hour open of $0.5889. The price increase is primarily attributed to significant whale accumulation, with over 120 million ADA acquired by large holders in the past two weeks, and a surge in unique ADA holders reaching a new yearly high of 4.5 million. Enhanced staking rewards on Binance, including daily payouts and a 5% bonus for new users, have likely contributed to increased demand and positive sentiment. Additionally, strong development activity and a recent 75% surge in trading volume, alongside substantial short liquidations, have supported bullish momentum despite neutral to negative funding rates indicating a prevalence of short positions in perpetual futures markets.

ADA's market capitalization stands at approximately $22 billion, with a 24-hour trading volume exceeding $1.05 billion and a circulating supply of over 35 billion tokens. The asset has shown robust market activity, reaching a 24-hour high of $0.6281 and a low of $0.5840, reflecting increased investor interest and heightened volatility.